Ongwe Minerals has expanded its Omatjete venture space in Namibia by 42% with the acquisition of extra licences.
The Canada-based gold exploration firm secured a 90% stake within the adjoining EPL7400 licence, protecting 36,600 hectares (ha), and has utilized for the EPL11268 licence, which spans 8,200ha.
Ongwe Minerals, via its Namibian subsidiary Belmont Mineral Exploration, has taken a 90% fairness curiosity in Fallout Investments, which holds full possession of EPL7400.
The appliance for EPL11268 is pending approval from Namibia’s Ministry of Industries Mines and Power.
The extra licences will permit Ongwe Minerals to manage 50km of strike alongside the Okondeka Fault Zone, which incorporates the Kokoseb deposit and the newly recognized Manga Gold Prospect.
Latest structural evaluation of the Omatjete space has revealed new switch buildings and a parallel fault zone referred to as the Okakongo Fault System. These geological options might function conduits for hydrothermal gold-bearing fluids.
The Okakongo Fault System is situated throughout the Swakop Sedimentary Group, identified for internet hosting Namibian gold deposits.
In response to Ongwe Minerals, a number of granitic intrusions throughout the fault system add to its structural complexity and improve its prospectivity. The setting attracts geological parallels with different important native gold discoveries such because the Kokoseb deposit, which comprises an estimated 2.9 million ounces of gold.
Ongwe Minerals CEO David Underwood stated: “For the reason that preliminary discovery of the Manga Gold Prospect, we’ve been working exhausting behind the scenes to broaden the licence bundle and canopy the complete extent of the extremely potential Okondeka Fault Zone.
“We’re pleased to report that this has now been achieved, and we look ahead to continued exploration of this elementary, long-lived construction additional to the east.”
Preliminary floor exploration carried out by Ongwe Minerals has resulted in identification of the Manga Gold Prospect, characterised by a footprint measuring 4.5km × 1km with gold presence in soil samples.
Preliminary drilling has indicated the existence of gold throughout the bedrock.
The realm holds appreciable potential for growth and efforts are underneath technique to additional delineate the extent of Manga’s strike alongside the Okondeka Fault Zone.
Along with Omatjete, Ongwe Minerals is creating two different important tasks in Namibia. The corporate is alleged to carry a major land place within the promising Northwest Damara Belt.
The primary is the Khorixas Challenge, encompassing 154,000ha and that includes the Belmont Prospect. Belmont is an orogenic gold system with a 12km × 6km floor space and high-grade seen gold rock chips on the floor.
